4 June

The Biden administration is crafting policy recommendations aimed at lessening the energy consumption and emissions footprint of Bitcoin and other proof-of-work (PoW) cryptocurrencies.

It’s important, if this is going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions.

We need to think about what would be the appropriate policy responses under a world that shifted to proof-of-stake, or a world that has some continuous mix of proof-of-work and proof-of-stake.”

See Also: New York State Senate Passes Bitcoin Mining Moratorium

The impoverished country has launched an ambitious crypto project that includes using Bitcoin as legal tender, attracting investment and creating its own metaverse. Creation of a legal framework for resource tokenization is a key element of the Sango Project, along with establishing e-residency for investors, crowdfunding infrastructure and the founding Sango—the so-called Crypto Island metaverse.

The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.”

“Co-founder of MakerDAO Rune Christensen has issued a new monumental proposal to push the project into its final form called The Endgame Plan.

Central to Christensen’s Tuesday plan is the formation of MetaDAOs designed to tackle specific governance issues within the Maker ecosystem and alleviate congestion on the “slow and single threaded decision making process” that exists now. Each MetaDAO can be thought of as a subsection of MakerDAO, which would issue its own token and be governed by Maker participants interested in its particular goal.

Christensen also proposes Maker launches a synthetic ETH token called MATH to take advantage of the Merge. MATH fees could initially be set to 0% in order to incentivize its use, but eventually, it could generate revenue for the protocol as synths have done for THORChain.

The lowest hanging fruit of the Endgame Plan Launch is the acceleration of the existing roadmap milestone to quickly launch a simplified version of Synthetic ETH.”

“Bitcoin (BTC) was struggling to find direction Friday after a U.S. government report showed that the pace of jobs growth slowed in May – potentially a sign that the Federal Reserve’s recent moves to cool the economy might be starting to have an impact.

According to the U.S. Bureau of Labor Statistics, employers added 390,000 jobs in May – a modest slowdown from April’s 436,000 gain, but above economists’ expectations of 325,000.

We are now entering into a ‘bad news is good news’ phase with regard to growth and employment data. The market would trade positive on negative news as that would reduce Fed hawkishness.”

See Also: Bitcoin’s move to $32.4K was a fakeout — Here’s the price level most BTC traders are waiting for
See Also: Are Exchange Layoffs the First Sign of Crypto Winter, or Is It Already Over?

“Japan is one of the first major economies to pass a law specific to stablecoins even if the legislation comes into effect in a year.

The bill provides clarity around the definition of stablecoins, which will now be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.

Stablecoins can now only be issued by licensed banks, registered money transfer agents and trust companies. The bill does not address existing asset-backed or algorithmic stablecoins. However, exchanges in Japan do not list stablecoins.”

“Fabio Araujo, an economist at the Central Bank of Brazil (CBB) who is also responsible for the country’s central bank digital currency work, revealed that the monetary authority will have greater control over the population’s money once its CBDC is rolled out.

Through the so-called Real Digital, the central bank will be able to halt bank runs and impose other restrictions on citizens’ access to money. In other words, the central bank will have the power to control the flow of money within the system.

Large conversions could only be available if scheduled in advance and constraints on daily conversions could be set. In addition to that, circuit breaker mechanisms could be automatically applicable when the continued draining of tokens from any specific institution would render it vulnerable.”